The global electric vehicle charging connector market is experiencing growth due to several factors, including government support towards the adoption of electric vehicles (EV), demand for fast chargers, and the development of charging infrastructure.
PORTLAND, Ore., July 5, 2023 /PRNewswire/ -- Allied Market Research published a report, titled, "Electric Vehicle Charging Connector Market by Type (CCS, CHAdeMO, GB/T, and Tesla), by Charging Level (Level 1, Level 2, and Level 3), by Charging Speed (Slow Speed and Fast Charging), by End User (Residential and Commercial): Global Opportunity Analysis and Industry Forecast, 2023-2032." According to the report, the global electric vehicle charging connector industry generated $59.3 million in 2022 and is anticipated to generate $273.2 million by 2032, witnessing a CAGR of 17.0% from 2023 to 2032.
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Prime Determinants of Growth:
The global electric vehicle charging connector market is experiencing growth due to several factors, including government support for the adoption of electric vehicles (EVs), demand for fast chargers, and the development of charging infrastructure. However, connector standardization and the overheating issue with the charger or connector are hampering the growth of the electric vehicle charging connector market. On the contrary, expansion of infrastructure, growth of service and support standards, and introduction of vehicle-to-grid (V2G) solutions are expected to offer remunerative opportunities for the expansion of the electric vehicle charging connector market in the upcoming years.
Report Coverage & Details:
Report Coverage | Details |
Forecast Period | 2023-2032 |
Base Year | 2022 |
Market Size in 2022 | $59.3 Million |
Market Size in 2032 | $273.2 Million |
CAGR | 17.0 % |
No. of Pages in Report | 308 |
Segments Covered | Type, Charging Level, Charging Speed, End User, and Region |
Drivers | Government support for the adoption of electric vehicle |
Demand for fast chargers | |
Development of charging infrastructure | |
Opportunities | Expansion of infrastructure |
Growth of service & support standards | |
Introduction to Vehicle-to-Grid (V2G) solutions | |
Restraints | Connector standardization |
Overheating issue of the charger or connector |
Impact of Russia-Ukraine War:
- The Russia-Ukraine war had a negative impact on the electric vehicle charging connector market. The supply of minerals, which is critical to the advancement of vehicle electrification efforts, hindered the growth of the market.
- Furthermore, Russia is a key supplier of high-purity nickel, which accounts for 20% of the global supply. As a result, the Russia-Ukraine tension directly impacted the electric vehicle charging connector market.
- However, the war situation has come to an end, and the market is recovering steadily and slowly.
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The Chademo segment to maintain its leadership status throughout the forecast period-
Based on type, the CCS segment held the highest market share in 2022, accounting for nearly two-fifths of the global electric vehicle charging connector market revenue. The combined charging system (CCS) has been widely accepted as the standard charging system by major automakers, including Volkswagen, BMW, Ford, General Motors, and many others. This broad adoption has helped establish CCS as a dominant charging solution in the EV market. On the other hand, the Chademo segment is estimated to maintain its leadership status in terms of revenue throughout the forecast period. However, the Tesla segment is projected to manifest the highest CAGR of 21.9% from 2023 to 2032, as it is the most trusted connector in North America, having completed over 20 billion EV charging miles, along with being a Tesla-exclusive connector used in their electric automobiles.
The residential segment to maintain its lead position throughout the forecast period-
Based on end user, the residential segment held the highest market share in 2022, accounting for nearly three-fourths of the global electric vehicle charging connector market revenue, and is estimated to maintain its lead position throughout the forecast period. Residential charging connectors allow electric vehicle owners to conveniently and safely charge their vehicles at home, providing a reliable and accessible charging solution for daily use. However, the commercial segment is projected to manifest the highest CAGR of 17.8% from 2023 to 2032, as commercial connectors play a crucial role in enabling EV owners to charge their vehicles while away from home, providing them with the flexibility to travel longer distances and rely on public charging infrastructure for convenient recharging options.
Asia-Pacific to maintain its dominance by 2032-
Based on region, Asia-Pacific held the highest market share in 2022, accounting for more than two-fifths of the global electric vehicle charging connector market revenue, and is estimated to maintain its dominance throughout the forecast period. This is due to the rapid growth in the sales of electrical vehicles, due to which there is a growth in the electric vehicle charging connector market. The rise in sales is due to the government incentives in the various regions and the developments made by the various manufacturers. However, North America is projected to manifest the highest CAGR of 19.1% from 2023 to 2032, owing to the rise in the price of oil in recent years, which increases the long-term cost benefits of electrical vehicles.
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Leading Market Players: -
- Amphenol Corporation
- Tesla
- Robert Bosch GmbH
- Siemens
- Yazaki Corporation
- ABB
- TE Connectivity
- Schneider Electric
- Sumitomo Corporation
- Fujikura
The report provides a detailed analysis of these key players in the global electric vehicle charging connector market. These players have adopted different strategies, such as new product launches, collaborations, expansion, joint ventures, agreements, and others, to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolios, and strategic moves of market players to showcase the competitive scenario.
Regional Reports We Have:
United States Electric Vehicle Charging Connector Market Research Report 2023-2035
Europe Electric Vehicle Charging Connector Market Research Report 2023-2035
Asia-Pacific Electric Vehicle Charging Connector Market Research Report 2023-2035
Japan Electric Vehicle Charging Connector Market Research Report 2023-2035
China Electric Vehicle Charging Connector Market Research Report 2023-2035
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